According to the Complaint, Advance Auto Parts, Inc. is a retailer specializing in automobile parts and accessories, serving both automobile professionals and non-professional consumers.

At the beginning of the Class Period, on November 16, 2022, the Company held its quarterly earnings call for investors. During the earnings call, the Company's President and CEO announced “strategic pricing initiatives” aimed to help propel margins growth into 2023.

The Complaint alleges that Defendants made false and/or materially misleading statements that: 1) misrepresented the efficacy of AAP's strategic pricing initiative and the impact of price reductions; 2) omitted and/or concealed the negative impacts of the pricing initiative; 3) provided investors with an overly optimistic perception of AAP's operations; and 4) created the false impression that inflation and macroeconomic factors had an insubstantial impact on the Company's margins.

On February 9, 2024, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 23-CV-00563.

Lead Plaintiff filed a consolidated Complaint on April 22, 2024. Defendants filed a Motion to Dismiss the consolidated Complaint on June 21. On January 23, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed without prejudice.